EliteX: In-depth Analysis of the First Ever Lisk-focused Exchange (Part 2)
And here it is the second part of the analysis of the Elite Exchange.
Here you can read the first article, that featured the Elite Foundation and the main business/operative aspects of EliteX.
Who is behind the project – key members of the team
The details here reported are taken from the exclusive materials passed by Elite Foundation. In every startup the most important aspect is usually the team, even more than the funds, because with a strong core group it’s always possible to pivot the project when things get worse and turn failure into success.
Bigfisher, co-founder of Elite Exchange and graduated from Tongji University in 1997, is majored in Mechanical Engineering. He has many years of product design and software development experience.
He started to invest in the blockchain industry in 2013, establishing the company BitOcean Co., Ltd. in 2014 and becaming the first legal representative. He was responsible for the BitOcean trading platform and the operation of the ATM. He also led Bitocean to obtain the trading license issued by Japan FSA in 2016.
He invested in many ICO projects and he is an important sponsor of the Elite Foundation.
Leo Yu, CEO at Elite Exchange and graduated from Tongji University, is majored in Automotive Engineering. He is an entrepreneur who has been working in Audio and Video Engineering Industry for 12 years and started 3 companies. He is good at project management and leading team. He has 4 years of investment experience in the cryptocurrency field and successfully invested in dozens of projects, including LSK, VEN, RSK, DDEX and other well-known companies. As an early investor in LSK, a member of Elite’s start-up, he is now working on LSK ecosystem.
Haidong Liu, CTO at EliteX and graduated from Shanghai Fudan University with a master degree in Software Engineering, is specialized in large-scale software platform architecture design and team management. He worked in CITCO China, where he was responsible for the development and support of the settlement and payment platform of the hedge fund company. Later, he was in charge of the IT team (development of the e-commerce platform and Apps) of the UK’s largest e-commerce company ASOS China. In 2017, he entered the Blockchain industry and was responsible for the technical development of a virtual currency exchange in Dubai, leading team on the development and upgrade of the quantitative API interface and other key modules, such as matching engine and wallet security services. At present, he pays more attention on distributed exchange technology, Lisk’s sidechain technology, Blockchain dApps development and industrialization of scientific project grounding.
Eileen Xie, CMO for Asia at EliteX, studied at Taiwan University, at Shanghai International Studies University and at Cheung Kong Graduate School of Business. She achieved the Cheung Kong Graduate School of Business Administration Certificate, Japanese Level I Certificate. With a decade of domestic and overseas market management experiences, served as Regional Director of East China, Project Manager and Head of a Blockchain Exchange in Hong Kong.
The Governance
Elite Exchange’s management decision-making authority is attributed to the Elite Exchange Board of Directors.
There are 5 members in the board of directors, including 2 start-up members,1 operator, and 2 elected members. The most important decisions regarding the exchange are decided by the board of directors. Start-up members work without salary only at beginning, while the members of board directors work always without salary.
The Shareholders map
Equity is the most powerful tool that is in the hands of startup founders, but issuing stock can have unintended consequences: the amount of equity granted and the number of people receiving stock can have a lasting impact on a founder’s ability to run their company. If a founder holds at least 51% of the startup’s voting stock he controls the vote, but we know that investors require equity (that means power) to invest and it’s not possible to avoid this division. It’s only important to choose the best investors, so when it is required more than 50% to make a decision (acquisition, statute modifications) you minimize the problems with them.
In this case it’s smart to see that the Exchange founders maintain the partial majority, that becomes absolute majority in addition to shares issued to the operation team. The first round, already closed, granted 20% of the equity in exchange of $1,48million and now the startup plans to raise in the next round $1,518 million for 10% equity.
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